MANILA - RFM Corporation's net income increased 7 percent in the third quarter propelled by consumer grocery shopping, the company told the stock exchange on Friday.
The company recorded a P282 million quarterly net income, an increase from the P256 million same quarter last year.
Third quarter net sales also increased by 8 percent to P4.11 billion from P3.8 billion the same period a year ago.
From January to September, RFM's net income was also up by 4 percent to P893 million from P836 million at the same time last year.
Likewise, nine-month net sales were 4 percent higher at P11.2 billion from P10.8 billion last year.
The company said its milk and pasta brands Selecta Milk, Fiesta and Royal drove the group’s sales growth.
The country saw overall strong demand in packaged food products as Filipinos stocked up amid the COVID-19 pandemic.